Believing a greater supply of apartments in the market can bring down prices is just wishful thinking.

down in arguments about who is going to have a better deal in such cooperation efforts. It is hard to place a monetary value on the social benefits the government can obtain from such arrangements.

In fact, the government has finally got it right by drawing a distinction between the property market and public housing. Believing a greater supply of apartments in the market can bring down prices is just wishful thinking. Past attempts to dampen market prices of properties with administrative and monetary measures have proved futile. The Singapore government realized that long ago.

Other cities, such as Shenzhen, have the option to annex neighboring regions when development space runs out. Hong Kong does not. One of the least costly and disruptive ways to create land for public housing is to reclaim land from the sea. The other is to redevelop some existing public housing estates to increase floor space.

Both these options are under consideration. Money shouldn’t be a problem now that the government has summoned the will to spend. But it would still need wide public support for the various projects touching on a host of political and environmental issues.

But most Hong Kong people would agree, it’s worth the money and effort to tackle the housing shortage problem that is creating much hardship for many thousands of low-income families.